The Gemini Dollar, launched by the Winklevoss twins, offers FDIC insurance up to $250,000 and New York State regulatory approval, setting it apart from Tether's controversies. Traders use stablecoins to hedge Bitcoin volatility and capture modest gains like 15-17% returns while waiting out market downturns.
Hey you, welcome back to the channel. And guys, today we want to talk Winklevoss and the Gemini dollar. So is it— is the Gemini dollar going to be the best of the stablecoins? So the stablecoins have always been quite controversial, um, you know, from a lot of the Tether horror stories, the possible manipulation of various things like that. And there have been some studies and research done, I guess some internal audits, although they want an outside audit done on Tether that seemed to be a problem for that to get done. And so that even drove problems with Tether even further. Um, but, um, uh, some, some studies were done. I forget the, the people involved. I was just reading an article about it, but apparently it was suggesting that, uh, Tether wasn't the, the, the Tether's involvement with the price of Bitcoin, uh, although there's, there seemed to be some correlations that there was no direct evidence that there was any manipulation from Tether dealing with the price of Bitcoin. And that's a lot to do with why people, you know, were so much against Tether and the solvency of Tether and various things like that. So now with the Winklevosses creating this stablecoin Gemini, the Gemini dollar, they've went through the regulatory bodies of the state state of New York. And so it will be FDIC insured, you know, if you have enough faith in banks to cover up to the amount they're covering. I believe it's like $250,000. And so the Winklevosses, you know, so far it looks pretty promising. Now stablecoins, if people who use stablecoins, people who probably do quite a bit of trading. If you haven't discovered what stablecoins are yet, or you haven't used them, I'm pretty sure you've lost a lot of money in cryptocurrency trading, probably more than people who use stablecoins have lost. Because, you know, the reality is stablecoins are supposed to stay tethered around, you know, basically like currencies like the US dollar, so they shouldn't be huge fluctuations. You're probably not going to fluctuate anymore, uh, in value, uh, than about 5%. And in some cases, you can even make money with these stablecoins. I've been in stablecoins that have went from around the $1 mark to about, uh, $1.15, $1.17, you know, so like 17% gains on these stablecoins. But yet they don't really lose much value under the dollar. You know, again, they kind of stay tethered around the dollar. So some trading strategies, people jump in and out of these coins and they kind of wait it out. The situation like right now with the price of Bitcoin, many of us feel that the price of Bitcoin probably has a lot lower to go. Some people are saying $2,500 to $1,500. And so what you can do with something like a stablecoin, whether it be like Gemini or, uh, USD Coin or, uh, TrueUSD or whichever ones that you prefer to use, um, you know, you can kind of wait it out there till you hit the bottom. Then you can come out and you haven't lost hardly any money, uh, ideally. And then you can buy into Bitcoin at this low, and that way you don't have to lose going down. And so, you know, stablecoins— some people are cryptocurrency purists, some people don't use them, some people don't like using them, and I can understand their positions. But I think for a lot of people, it's just so tough to watch those, those drops in value and just kind of sit there and kind of take it and So for a lot of people, they're using these stablecoins. Some are making money, um, and some are, you know, maintaining their value. But anyway, uh, the Winklevosses, big Bitcoin holders, uh, becoming a pillar in the cryptocurrency community. Uh, their token is, uh, on the move now. I was looking at it today, I think it got all the way up to like $1.03. I'm not sure what it is now. Gemini The Gemini dollar. And, uh, just interesting, just interesting to, uh, uh, see the Winklevosses still being a pillar in the cryptocurrency community. Uh, there were two rejected ETFs. They're still at it. They haven't given up, and they're gonna keep pushing forward. Hey, these are the guys that, uh, from that movie, they founded Facebook, didn't they? You know, and, uh, uh, you know, I guess they took some of that money they got from that Facebook lawsuit after coming up with the idea of, you know, Facebook. These guys are also, you know, as a lot of people know, these, these are guys who are jocks and they're like championship rowers. And so they're kind of both brains and brawn. I believe their father is some type of Nobel Prize-winning physicist or something like that. So they come from a good pedigree. But anyway, these are smart guys and the Gemini dollar, I do use stablecoins. I'm pretty sure I'll be using the ERC-20. See how it does. And it seems like It looks like stablecoins might be the only way you can make any money somewhat safe now in the cryptocurrency market without losing 30-40% of your money or 90%. So anyway, just wanted to bring you that information, guys. If you like content like this, don't forget to like and subscribe. Until next time, take care.
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